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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #30,501
  • May 20, 2009 12:35am May 20, 2009 12:35am
Quoting PipGator
It has been a tough month for me trading and I wanted to share some of my experiences.

I started learning about forex last summer. I started my adventure on BabyPips where I was able to learn a lot of basics in a short time. My next step was a quest for the holy grail and I read through many forums on that site. After three months of demo trading, my demo account had a total profit of around 6%. Some of the trades were taken using a system called "Ingot's Rainbow" (that system was actually inspired by a system here at FF called "Multiple Timeframe...
hi PipGator,great post,thanx for sharing. i am also in my first few months of trading live and am experiencing similar issues so i can relate to this. One thing i found that has helped me greatly with dealing with my emotions is to forget about my account!! i no longer try to make money...or %s...it was pretty silly really concidering my acc.size!! now i concentrate only on the chart and trying to improve my trading skills. i think the acc will be just fine when once i get things nailed. my personal issue atm is that im finding it difficult to develope my own trading style and putting it into a solid trading plan. i am trying to filter which setups i will take and the best way to manage them.
trading live is so different to trading demos!! the last 4 of 5 demos i have had all expired at least doubled....my real account?? bouncing around BE just like yours!!conqering the charts seems like a stone compared to the mountain of myself...( i read that ...kind off..somewere
BEWARE!!! hehe
cheers
jon
EDIT: for what its worth i agree completely with
Blackinc
XXXX Trader
you seem to be doing just fine to me.
PATIENCE... DISCIPLINE
  • #30,502
  • May 20, 2009 12:46am May 20, 2009 12:46am
Quoting PipGator
It has been a tough month for me trading and I wanted to share some of my experiences.

PipGator
Thanks for sharing that Pip G.
Indicators show the past. Price Action "Indicates" the future.
  • #30,503
  • May 20, 2009 12:47am May 20, 2009 12:47am
Quoting Musashi
Hi all,

First Post on this thread.

Did anyone trade the Pin Bar on the EU on the 4Hr TF?

Just wondering how do you take profits when trading these bars?

Let's start with the Daily and Weekly PPZ levels. Shall we ?
Indicators show the past. Price Action "Indicates" the future.
  • #30,504
  • May 20, 2009 1:02am May 20, 2009 1:02am
Quoting Musashi
Hi all,

First Post on this thread.

Did anyone trade the Pin Bar on the EU on the 4Hr TF?

Just wondering how do you take profits when trading these bars?

These are my Daily and Weekly PPZ levels on the Euro. (There are more but these are the most relevant to current Price.)

If I do venture down to the 4 hour time frame on any pair it is crucial that I know where these Daily/Weekly PPZ levels are located.

Next . . .
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #30,505
  • May 20, 2009 1:08am May 20, 2009 1:08am
Quoting jarroo
Let's start with the Daily and Weekly PPZ levels. Shall we ?
PPZ = ??
  • #30,506
  • May 20, 2009 1:11am May 20, 2009 1:11am
Quoting PipGator
It has been a tough month for me trading and I wanted to share some of my experiences.

I started learning about forex last summer. I started my adventure on BabyPips where I was able to learn a lot of basics in a short time. My next step was a quest for the holy grail and I read through many forums on that site. After three months of demo trading, my demo account had a total profit of around 6%. Some of the trades were taken using a system called "Ingot's Rainbow" (that system was actually inspired by a system here at FF called "Multiple Timeframe...
Great post, I can relate on many many accounts. Out of curiosity, which exit strategy have you been using? I'm still trying to fine tune mine. I thought I had it down, but after backtesting, my previous one was pretty horrible. Goes to show, still tons to learn, just have to keep plugging away. Certainly enjoying the challenge of this all.
  • #30,507
  • May 20, 2009 1:11am May 20, 2009 1:11am
Quoting Musashi
Even if trading daily and weekly charts an Exit Strategy is needed. I am not a new trader. I have read some of this thread, obviously not all of it.

I have various strategies for trading based on Price Action. Most of the exit strategies I use are based on round numbers and Support Resistance Regions, also use bar high/lows as exits.

Quoting Musashi
PPZ = ??
I guess I assumed that you knew how PPZ levels were defined. They are areas where support and resistence levels meet.
Indicators show the past. Price Action "Indicates" the future.
  • #30,508
  • May 20, 2009 1:18am May 20, 2009 1:18am
Quoting jarroo
I guess I assumed that you knew how PPZ levels were defined. They are areas where support and resistence levels meet.
I'm not familiar with the Acronym PPZ that's all. Support Resistance on Higher Time Frames are more powerful, I'm curious as to know Exit Strategies that different people employ when trading the Pin Bar.

As you are fully aware exits are where you get paid. Not on the entries.

Trade management is the most difficult skill to master because price can and does do anything.
  • #30,509
  • May 20, 2009 1:22am May 20, 2009 1:22am
Quoting Musashi
I'm not familiar with the Acronym PPZ that's all. Support Resistance on Higher Time Frames are more powerful, I'm curious as to know Exit Strategies that different people employ when trading the Pin Bar.

As you are fully aware exits are where you get paid. Not on the entries.

Trade management is the most difficult skill to master because price can and does do anything.
I'm getting to your intial question of "where do I exit?" If your not interested in it, I will move on.
Indicators show the past. Price Action "Indicates" the future.
  • #30,510
  • May 20, 2009 1:25am May 20, 2009 1:25am
Quoting Musashi
PPZ = ??
Prize Pivot Zone
  • #30,511
  • May 20, 2009 1:25am May 20, 2009 1:25am
GU so far today. Clearly see the range for today so far.

Will not stay in this tight 50Pip range for the entire day.

So once it leaves the range what is the best way to take profits??
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  • #30,512
  • May 20, 2009 1:27am May 20, 2009 1:27am
Quoting jarroo
I'm getting to your intial question of "where do I exit?" If your not interested in it, I will move on.
I'm interested, one can never stop learning.
  • #30,513
  • May 20, 2009 1:29am May 20, 2009 1:29am
Quoting jarroo
I'm getting to your intial question of "where do I exit?" If your not interested in it, I will move on.
I'm interested
WARNING: Don't follow me as I'm just learning
  • #30,514
  • Edited 1:48am May 20, 2009 1:38am | Edited 1:48am
Quoting jarroo
These are my Daily and Weekly PPZ levels on the Euro. (There are more but these are the most relevant to current Price.)

If I do venture down to the 4 hour time frame on any pair it is crucial that I know where these Daily/Weekly PPZ levels are located.

Next . . .
These higher time frame PPZ levels are very important Musashi, if you decide to trade on the lower time frames. Many people get into trouble on these lower time frames because they don't know where they are.

On the Daily, I will then look for obvious support and resistence level or minor PPZs where Price ran into some trouble. I consider strong PPZs show themselves on both the Daily and Weekly charts.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #30,515
  • Edited 2:07am May 20, 2009 1:45am | Edited 2:07am
Quoting jarroo
These higher time frame PPZ levels are very important Musashi, if you decide to trade on the lower time frames. Many people get into trouble on these lower time frames because they don't know where that are.

On the Daily, I will then look for obvious support and resistence level or minor PPZs where Price ran into some trouble. I consider strong PPZs show themselves on both the Daily and weekly charts.

Now let's move down to the 4 hour chart and take a look at the PB. All of this setup work could have been done before the 4 hour PB presented itself, correct? Yes.

I would have liked that PB at the red check mark, that would have been a better setup. I like the 1.3567 level for an exit.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #30,516
  • May 20, 2009 1:49am May 20, 2009 1:49am
This candlestick pattern has triggered my entry. It is on the lower time frame however. I believe a chart is a chart and price action is all relevant to the time frame you use for your chart at the time of the trade.

So if you were to trade the 5min Chart and use this entry would you place your exit at previous support areas?
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  • #30,517
  • May 20, 2009 1:51am May 20, 2009 1:51am
Quoting jarroo
Now let's move down to the 4 hour chart and take a look at the PB. All of this setup work could have been done before to the 4 hour PB presented itself, correct? Yes.

I would have liked that PB at the red check mark, that would have been a better setup. I like the 1.3567 level for an exit.

Ok so the PPZ is the exit area.
  • #30,518
  • May 20, 2009 1:53am May 20, 2009 1:53am
Should I consider this pinbar failed after this several-bar movement, or should I have a bit more patient? Thanks!
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  • #30,519
  • May 20, 2009 1:56am May 20, 2009 1:56am
Quoting Musashi
Ok so the PPZ is the exit area.
Not all the time. It can be a exit level. Previous bar Lows/ Highs are also a good target. It depends on the quality of the setup. In this case, the 4 hour PB, due to its location and supporting confluences, I would not put it in a high quality status.
Indicators show the past. Price Action "Indicates" the future.
  • #30,520
  • May 20, 2009 1:58am May 20, 2009 1:58am
Quoting kk007
Should I consider this pinbar failed after this several-bar movement, or should I have a bit more patient? Thanks!
Failed PA setups are when the opposite end, in this case the Low of the PB, is broken. So this PB has not failed.
Indicators show the past. Price Action "Indicates" the future.
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